SEC Penalizes Atty For $13M Facebook IPO Fraud

Law360, Los Angeles (March 7, 2014, 10:05 PM EST) -- The Securities and Exchange Commission on Friday settled fraudulent conduct charges with a lawyer representing some of the companies that took $13 million from investors by claiming they had access to Facebook Inc. and other social media stock ahead of their initial public offerings.

The SEC barred attorney John Kern from practicing before the commission and ordered him to pay about $344,000 in disgorgement, interest and fines to settle charges he aided a $13.2 million securities scheme that promised to buy pre-IPO shares of Facebook, Groupon...
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